AAAD vs. FAAA

Last updated Jul 8, 2026

AAAD (PGIM AAA CLO Aggregate Duration ETF) and FAAA (Fidelity AAA CLO ETF) are both CLO funds. Both are actively managed. At a 0.37 correlation, their price movements are largely independent. AAAD charges 0.19%/yr vs 0.20%/yr for FAAA.

Performance

AAAD vs. FAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM AAA CLO Aggregate Duration ETF (AAAD) and Fidelity AAA CLO ETF (FAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

AAAD

• 1D: -0.42%
• 1M: 0.42%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FAAA

• 1D: -0.01%
• 1M: 0.33%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAAD vs. FAAA - Yearly Performance Comparison

	2026 (YTD)
AAAD PGIM AAA CLO Aggregate Duration ETF	0.17%
FAAA Fidelity AAA CLO ETF	0.41%

Correlation

The correlation between AAAD and FAAA is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 3, 2026	0.37

Return for Risk

AAAD vs. FAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM AAA CLO Aggregate Duration ETF (AAAD) and Fidelity AAA CLO ETF (FAAA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

AAAD vs. FAAA - Drawdown Comparison

The maximum AAAD drawdown since its inception was -0.79%, which is greater than FAAA's maximum drawdown of -0.55%. Use the drawdown chart below to compare losses from any high point for AAAD and FAAA.

Drawdown Indicators

	AAAD	FAAA	Difference
Max Drawdown Largest peak-to-trough decline	-0.79%	-0.55%	-0.24%
Current Drawdown Current decline from peak	-0.79%	-0.01%	-0.78%
Average Drawdown Average peak-to-trough decline	-0.21%	-0.06%	-0.15%

Volatility

Volatility by Period

	AAAD	FAAA	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.88%	0.86%	+3.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.88%	0.86%	+3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.88%	0.86%	+3.02%

AAAD vs. FAAA - Expense Ratio Comparison

AAAD has a 0.19% expense ratio, which is lower than FAAA's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

AAAD vs. FAAA - Dividend Comparison

AAAD's dividend yield for the trailing twelve months is around 0.03%, less than FAAA's 1.68% yield.

Position	TTM
AAAD PGIM AAA CLO Aggregate Duration ETF	0.03%
FAAA Fidelity AAA CLO ETF	1.68%

Frequently Asked Questions

Can I hold both AAAD and FAAA in my portfolio?

AAAD and FAAA have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AAAD or FAAA?

On fees, AAAD is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AAAD or FAAA?

AAAD is cheaper with a 0.19% expense ratio, compared with 0.20% for FAAA.

Which ETF pays a higher dividend yield, AAAD or FAAA?

FAAA has the higher dividend yield at 1.68%, compared with 0.03% for AAAD.

What is the main difference between AAAD and FAAA?

They also come from different issuers: PGIM and Fidelity. Their fees differ too: 0.19% for AAAD and 0.20% for FAAA.